The trajectory of Ireland’s economic development will be shaped by past and future policy choices. At present, Ireland is at a critical juncture. The great recession has come to an end, and the country has weathered the worst of the storm, economically and politically. But the distributive effects of austerity run deep, and the long-term impact of austerity budgets will be felt for decades, not least in terms of housing and public infrastructure. In a small open economy, with a developed democracy, political success is based on delivering high-quality public services and public infrastructure. Much like the competitiveness of a high-tech firm, this doesn’t come cheap.